Bitcoin

New report says the crypto market recovered significantly in the third quarter

Cryptocurrency data aggregator CoinGecko has released its Q3 2021 report showing massive gains across multiple crypto market sectors.

After the market crash in May, the third quarter in the crypto space started on a low, with market capitalization falling further below $ 1.2 trillion in late July, but still half of the all-time high of $ 2.5 trillion that was recorded only two months earlier.

However, market capitalization recovered in the third quarter and rose to $ 2.3 trillion in early September.

As reported by CoinGecko, Bitcoin (BTC), gaming “coins” and inedible tokens (NFTs) dominated the crypto market in the third quarter.

Bitcoin posted a gain of 25% between Q2 and Q3 and continued this upward trend, even reaching USD 60,000 for the first time in 5 months.

The network’s hash rate also spiked again in the third quarter, suggesting a rebound after China’s extensive crackdown forced miners to go abroad.

Gaming tokens such as Axie Infinity (AXS), Illuvium (ILV) and Gala (GALA), as well as the NFT space in general, also saw large gains in the third quarter.

AXS in particular saw a nearly 1,000% increase in QoQ, with performance peaking at 13,700% in 2021.

In terms of NFT trading volume, OpenSea continues to dominate the market segment. In fact, OpenSea and Rarible recorded total trading volumes of around $ 6.8 billion in the third quarter, as reported by CoinGecko.

Related: The crypto market is rising after the Fed pledged to pressure and Evergrande put in place a debt settlement plan

These significant market gains also come after a storm of crypto-related regulatory concerns. Policymakers in the United States appear to have been pressured by demands for stricter regulations on market segments like stablecoins.

Despite steady gains in the third quarter, the recovery in the crypto market is still far from the level of activity before the May crash.

First, CoinGecko reported that spot trading volume on major centralized and decentralized exchanges fell more than 42% in the third quarter.

.

.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

1 hour ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

2 hours ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

3 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

4 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

4 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

4 hours ago

This website uses cookies.